NBD's Tom Jeffs retires to conclude 36-year career

Abstract

Tom Jeffs, II, who has spend his entire working career at NBD Bank, retired October 31, 1998, brining to a close a 36-year banking tour that saw him rise from credit analyst to president and CEO at NBD Bank-Michigan and vice chairman of First Chicago NBD Corp., the bank's holding company parent.

DETROIT - Tom Jeffs II, who has spent his entire working career at NBD Bank, retired Oct. 31, bringing to a close a 36-year banking tour that saw him rise from credit analyst to president and CEO of NBD Bank-Michigan and vice chairman of First Chicago NBD Corp., the bank's HC parent.

Apart from a 2-year tour on active duty with the U.S. Army Corps of Engineers from 1961 to 1962, Jeffs has worked only for NBD Bank since graduating from college. A native of Grosse Pointe, he received a bachelor's degree in business in 1960 and a master's degree in finance the following year. Both degrees are from the University of Wisconsin. Upon completion of his U.S. Army tour of duty in 1962, he joined NBD as a credit analyst trainee.

Soon, he was promoted to VP and then became the bank's officer-in-charge of the credit administration department. In 1973, he was named group head in the metropolitan corporate division. Three years later, Jeffs was made a first VP and put in charge of the bank's regional banking division. In 1979, he was promoted to senior VP and three years later to executive VP. That same year, he was given responsibility for all of the corporation's retail banking divisions. In 1985, Jeffs was elected vice chairman and a director of NBD Bancorp and NBD Bank. He also was appointed to the Office of the Chairman. On Jan.1, 1994, he was named president and COO and assumed his current duties late in 1995.

Following NBD's merger with First Chicago, Jeffs' responsibilities constituted about one-half of the merged company's revenues and earnings. The four principal units that fell under his wing were consumer banking, private banking, middle market banking and small business banking.

Although Jeffs often journeyed to Chicago for high-level meetings at the corporate offices there, he remained a resident of Grosse Pointe Farms and had his office at 611 Woodward, the headquarters for NBD Bank for many years.

While Jeffs' official duties concluded effective with the latest merger with Banc One Corp., and his successor, Walter Watkins, has been named president of NBD-Michigan, Jeffs has remained on staff for another month to assist in the transition. His official retirement date was Oct. 31.

In retirement, he will have an office in Grosse Pointe Park and will remain active in a number of civic relationships. He serves on the board of directors-for the Detroit Symphony Orchestra Hall, and on the board of the Founders Society of the Detroit Institute of Arts. He is a director of MCN Energy Group Inc., Intermet Corps., the Economic Club of Detroit, United Way Community Services and various other organizations. He is a past chairman of New Detroit Inc. and is a member of the Bankers Roundtable.

Jeffs says that he "expects to be sufficiently busy" in retirement. For one thing, he contends that he is "a brand new golfer" and he looks forward to the opportunity to improve his golf game.

He and his wife Pat expect to do some traveling when time permits. They are parents of three daughters, none of whom works in the banking industry.

Looking back on 38 years as a banker with NBD, Jeffs quickly observes that he will miss the people with whom his career has always been intertwined. "Certainly I will miss the people with whom I have associated including my NBD associates and of course all of the customers that you get to know over the years. I hope to remain in contact with as many of them as possible."

Jeffs also will be exploring some business opportunities, but nothing that he cared to reveal at this time.

The merger of First Chicago NBD Corp. and Banc One Corp. was completed on Friday, Oct. 2. The new corporate name is Bank One Corp., and the company's headquarters will be in Chicago.